Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The two-storey commercial property has an overview price of $10.8 million. This equates to $4,154 psf on its total built-up area of around 2,600 sq ft, that includes the five-foot way.
The deal represents the highest sum paid for a single shophouse in Serangoon Garden estate, based on lodged caveats. It surpassed the previous high of $14.85 million arised December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
A 999-year leasehold shophouse located in the Serangoon Garden area has been offered via an expression of rate of interest (EOI) exercise.
The real estate, located in the developed Serangoon Garden landed estate, appreciates solid footfall, said Neo. “With no extra buyer’s stamp responsibility or GST related to the sale, and a minimal source of just 69 business shophouses in Serangoon Garden, we expect strong interest from the two institutional and private financiers– local and foreign alike,” he added.
The shophouse is part of a set of commercial properties in the Serangoon Garden area, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The collection is also near to Chomp Food Centre and Serangoon Garden Market.
The ground floor of the shophouse is leased to an F&B establishment, while a physical fitness studio rents the upper flooring. Altogether, the shophouse creates around $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
However, the area’s biggest shophouse transaction by absolute sum was the revenue of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit a complete acreage of 3,101 sq ft.
The EOI will shut at 3pm on Oct 16.
The most recent shophouse transaction in the area was the sale of a 999-year leasehold property on a 2,146 sq ft site on Serangoon Garden Way in June. The two-storey shophouse, which is completely rented to Japanese restaurant Sushi Tei, brought $15 million.
